Connecting with founders and giving back to the startup community that desperately needs tax and business advice motivated Perth Chartered Accountant En Khong to become a CA in the Residence at the startup incubator Spacecubed. 

“Many startups are tight on cash flow and can’t really afford to engage an accountant or business advisor,” says En. “We felt that going out to meet the founders at Spacecubed, and just having a chat with no fee involved would bring down those barriers.” 

And it worked. Together with Andela Rustinya, another accountant from his firm Stirling Partners, En spent every Tuesday and Thursday morning at a hot desk at Spacecubed, meeting many founders over a six-month tenure starting in July 2023. 

“One of the most amazing things about founders is their passion,” says En. “When they're describing their business, you get a real sense of purpose, a sense of energy, a sense of excitement.

Sometimes, as an accountant when you’re working with a business that’s been going for 15 years or more, they seem to forget the reasons why they started the business.”

En also ran masterclasses as a guest speaker in Spacecubed’s Pre-Accelerator program, covering subjects such as ‘Financials & Operations’ and ‘How to secure non equity-based funding.’ The classes were so successful that it led to at least five follow-up sessions with participants eager to dive deeper into the topics. 

At the end of the masterclass, participants delivered pitches and won prizes for 1st, 2nd and 3rd. En and Stirling Partners donated a complimentary Xero subscription as well as tax and business advice for six months and three months to the top three winners. 

“The CA in Residence program is golden. We’re giving these startups free targeted advice right when they need it most, helping them with the baby steps that matter a lot.” 

Now, En is working closely with the three winners, who are at different stages of their startup journey. They’re assisting one with their pitch deck, another with their business structure while also protecting their intellectual property on an app they’re developing. En says he loves the satisfaction from giving back to the community. 

“We came in at a crucial stage,” he says. “It’s nice to know that maybe what we've done has pointed someone in the right direction and helped save them from making a mistake. We're excited to see where these businesses end up in the future because some of them have really good roots and foundations.”

En also notes that many startups have “good intentions but a large knowledge gap” when it comes to financial issues, tax and business advisory tools and software, and they are not always well supported to make the best decisions. 

He describes one founder who spent a lot of money on a consultant advising her on improving cashflow, forecasting and budgeting - but the expenditure didn’t improve her business at all. 

“That’s why the CA in Residence program is golden,” he says. “We’re giving these startups free targeted advice right when they need it most, helping them with the baby steps that matter a lot.”

Nearly 20 years ago, En began his career in the public practice industry as a graduate. Today, he has clients who are individuals, family businesses and small businesses with a turnover under $50 million. As a small business owner himself - employing six accountants, two bookkeepers and two administrative staff members - En has walked in these startups’ shoes himself. 

“When we started, we would have loved to have someone who could help us, teach us things and bounce ideas off. It would have been very beneficial.”